Copper Prices Hold Near Record High Amid Supply Concerns

Copper prices hovered near their record high as traders balanced supply concerns, a US holiday slow-down, and Middle East tensions. The metal traded at $14,451 a ton on the London Metal Exchange (LME), just shy of its peak set in January.

The price movement was attributed to a combination of factors, including tight supply worries due to potential US tariffs and large shipments of stock flowing into the US over the past year. The softening dollar also provided support, while hopes for rising copper demand in data centers and electrical grids tied to artificial intelligence (AI) buildout added momentum.

Alastair Munro, a senior base metals strategist at Marex, remained positive on copper and anticipated new highs in the coming weeks, noting that recent dips have tended to reward buyers. For longer-term investors, structural demand from data infrastructure and grid upgrades remains a key theme to watch.